“Apple Inc. said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market,” Julia Love reports for Reuters.
“The investment comes as Apple is trying to reinvigorate sales in China, its second-largest market,” Love reports. “Apple recently has come under pressure from Chinese regulators, with its online book and film services shut down last month, and Cook is traveling to the country this month.”
“The investment gives Apple, which has hired dozens of automotive experts over the past year, a sizeable stake in Uber Technologies Inc’s chief rival in China. Cook said in an interview that he sees opportunities for Apple and Didi Chuxing to collaborate in the future,” Love reports. “‘We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,’ he said. ‘Of course, we believe it will deliver a strong return for our invested capital over time as well.’ … Didi Chuxing, formerly known as Didi Kuaidi, said in a statement that the funding from Apple was the single largest investment it has ever received. ”
Read more in the full article here.
MacDailyNews Take: Don’t be surprised when this $1 billion donation, er… investment in this convenient cover story, er… Chinese ride hailing company results in sales of Apple’s iTunes movies and iBooks being turned back on in China.
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